Had a stroke of luck today and thought this might help someone else...

MrsTUS

Basically, while I'm a stay-at-home-mother to my 3 gorgeous kids, I am also climbing the proverbial walls so to speak...

As I left school before even achieving my A-levels, due to a teen pregnancy, who is now nearly 9 years old - I am not ina position where I can work and qualify for a decent wage. I thought, as I'm off until my youngest is in full time school (my toddlers are 2 years old and 1 year old) I figured now was the perfect opportunity to return to full time education and skill-up so that when I AM ready to return to the workplace, it's actually the start of a career and not just a job I come to rely on that pays the bills.

I looked into actually going to college on a daily basis, full time but it wasn't doable due to the fact I didn't seem to qualify for any help towards course fees AND the childcare I would require for my 2 toddlers..

Cue, the Open University. I managed to qualify for FULL financial support as well as a £265 bursary - so my course is free and courses will remain free until our circumstances change - I'm working towards an Open degree in social work... as well as £265 bursary each academic year...

My hubby then had the idea that maybe I was entitled to a student account - I'm with Lloyds and after some researching around forums etc online, I had come to the conclusion that I wouldn't, but it was worth going in to branch to check anyway, all else failing, I would qualify for one with Santander...

Anyway, amazingly, I DID qualify for my current account to be upgraded to a student account which now means my overdraft facility is fee and interest free... I've been able to increase it so that I could pay off my second overdraft AND a credit card and effectively have saved £14 in monthly fees/interest PLUS moved my credit card debt from 24.9%APR to 0%.

As my overdraft is 0% for 4 whole years (the best 0% balance transfer card is 19 months) and we're really picking up momentum with our snowballing, this means we can be debt free much sooner and our payments will really count as each time the overdraft is cleared, we can swallow up another credit card and convert it to 0% interest...

This might not be a good solution to those with large credit card balances or overdrafts than larger than £2k, but that has helped us enormously as we have 6 cards between us, mine all under £1k and hubbys all about £2.5k..

Two birds with one - we'll be debt free sooner with less interest to pay (neither of us could get 0% balance transfer as we were at our credit lending limit) and as we'll be debt free during my study period of 4 years, when I do go back to work, I'll be able to go back to a higher paid job and enjoy more of the security the extra ££ brings and my courses are free/full subsidised for the forseeable, so free qualifications too!..

I hope this might be an idea or of benefit to someone else out there is a similar financial/family dynamic to ourselves...

supermum38

This has come at a good time for me! I've have just taken the plunge and registered to start a degree with the Open University too! My main reason is because I still haven't got a job even though I have completed a Journalism course and ECDL Extra in the last two years. Because of these qualifications I cannot undertake anymore free courses but discovered I could get financial help from the OU to cover all the fees.
I had no idea I could be considered as a student so will now be looking to get a student account! I'm sure there will be other benefits too?!
I don't have credits cards or debts (I went bankrupt 4 years ago) but I have two teenage sons in education and an overdraft would definately come in handy for emergencies!

Thanks OP.:D

MrsTUS

supermum38 wrote: »

I'm sure there will be other benefits too?!

Thanks OP.:D

Another benefit of the student account is that I get an NUS Extra card free for the next 3 years, as opposed to paying £11 per year for the card... You also get a £10 buffer on top of your overdraft, so if you DO go over your agreed overdraft up to the £10, again no fees or interest. If you go over your overdraft limit PLUS the £10 buffer though, fees and interest will be applied. The credit card etc that also can come with the account aren't applicable to me, as I already have a credit account with my bank - at high credit limit and lower APR than advertised.. I presume the credit card won't be applicable to you either due to you bankruptpcy status, but I could be wrong - though I doubt you would want it anyway

Tixy

Good luck on your course.
Have you also checked if you can get a student card to be eligible for discounts, that could always come in handy.

(edit sorry too slow with my reply!)

Rollininit

It's amazing what is on offer if you only ask the question.